External Costs & Benefits quiz
King's InterHigh
Created on December 6, 2023
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Transcript
START
QUIZ ABOUT
EXTERNAL COSTS & BENEFITS
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Some production activity results in costs that are incurred by third parties. What are third parties?
People outside of the business
A
Events on the third of the month
B
People who work for the business
C
The owners of the business
D
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7 6.400 POINTS
8 12.800 POINTS
9 25.600 POINTS
10 50.000 POINTS
GOODLUCK!
START OVER?
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WRONG!
Which of the follow is not a third party?
Local residents
A
Local residents
B
Property owners
C
Business owners
D
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RIGHT!
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WRONG!
What is the missing word from this sentence? 'These external costs are the __________effects of production'.
POSITIVE
A
CONSTRUCTIVE
B
SPILLOVER
C
BENEFICIAL
D
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RIGHT!
START OVER?
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WRONG!
The consumption of certain goods can have positive spillover effects. What are these known as?
Internal benefits
A
External effects
B
External benefits
C
Beneficial extras
D
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RIGHT!
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WRONG!
Select from the following the two examples of external benefits
Healthcare and Education
A
Healthcare and traffic congestion
B
Pollution and Education
C
Education and climate change
D
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RIGHT!
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WRONG!
Complete this sentence about an example of an external benefit: 'If people are healthier they are able to work more effectively making contributions to ________ output and paying taxes'
SOCIAL
A
ECONOMIC
B
POLITICAL
C
ENVIRONMENTAL
D
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RIGHT!
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WRONG!
Social costs are costs to society as a whole of an economic activity. How are they calculated?
Private costs + private benefits
A
Private costs + External costs
B
External benefits + external costs
C
Public coss + public benefits
D
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RIGHT!
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WRONG!
Social benefits are the benefits to society as a whole of an economic activity. How are they calculated?
Private benefits + External benefits
A
Private costs +private benefits
B
Private costs +Private Benefits
C
Internal benefits and external benefits
D
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RIGHT!
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WRONG!
What can be used to reduce external costs of production?
Lowering interest rates
A
Raising interest rates
B
Changing employment laws
C
Taxation
D
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RIGHT!
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WRONG!
Governments can offer ____________ to firms to reduce external costs. This is when moneyis offered as an incentive.
Jobs
A
Subsidies
B
C
Concert tickets
D
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RIGHT!
Lower tax
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WRONG!
YOU WIN!
50.000 POINTS
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WELL DONE!
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